The most successful companies in the world were once startup businesses. Many ambitious
visionaries always view global expansion as limitless. However, it is not easy because there can
be several obstacles that can stop or slow your business progress on the way. Some of those
obstacles may include cultural and language barriers, compliance issues, currency exchange, etc.
NetSuite OneWorld comes as a highly integrated business management option that helps the
edges of transformation in the journey to take the business to the international level. Basically,
OneWorld is a business management system and a cloud-based ERP which is designed for
businesses that have multi-subsidiary and multinational operations. It helps companies in
adjusting to legal compliance conflicts, taxation and currency exchange at both local and
international levels.
To clearly understand how NetSuite OneWorld catalyzes your process of expanding your
business to the international markets, it is prudent to vividly describe how it combats the
common challenges which companies face during expansion. Here is how…
1. Differences in Language and Culture
Communication is indeed very core in every business because it facilitates every activity that is
meant to broaden the business. Proper communication is the beginning of a strong partnership
and understanding of the major business dynamics of the geographical area concerned.
As a result, NetSuite OneWorld is designed to support 27 languages which include French,
Chinese, Japanese, German, etc. Therefore, companies can utilize those languages while
negotiating for partnership, tenders and contracts. More importantly, NetSuite continues to add
new languages as per the customers’ demand
Since the business expands to different markets around the globe, every market may require
different monitoring of KPIs to meets the goals of the company. To solve such problem,
OneWorld grants its customers role-based dashboards based on real-time insights
Besides, NetSuite is designed to operate via cloud hence accessing OneWorld anywhere in the
world is easier provided there is an internet connection. This feature is important for every business because processes can be deployed instantaneously within the parent company and its
subsidiaries.
2. Varying Exchange Rates and Taxation
The currency exchange is traded every minute, it is hard to keep track of the exchange rates
hence affecting the taxes owed especially when a business receives thousands of transactions
online and in-store. For the case of companies that have a global presence, the stakes are usually
high.
NetSuite OneWorld offers multi-currency management features for over 190+ currencies and
rates of exchange. The tax engine also calculates and reports tax for more than 100 countries.
Besides, it contains a preconfigured tax codes for more than 50 countries and also a configurable
indirect tax engine which allows coverage of almost 90% world’s GDP. Therefore, OneWorld
helps the company to expand with confidence in the international market.
3. Compliance, GDPR and Regulatory Issues
Each country and region has a different requirement for compliance, GDRP and regulations
which are core in bumping most of the international companies. NetSuite OneWorld was
developed to solve all these problems.
With OneWorld, your company can easily meet time-consuming and critical financial
compliance requirements such as SOX, IFRS and GAAP. This because the adjustment of the
legal differences, taxation, currency and language can be done on multiple levels. Therefore, you
can accelerate your financial steps with real-time roll up and multi-currency consolidation across
accounts receivable, accounts payable, inventory, billing, payroll, etc.
In terms of GDRP, NetSuite is like a data processor that acts on behalf of its customers and has a
professionally developed functionality that assists in EU Data Subject Rights under GDRP.
In a nutshell
With all the features mentioned, it is clear that NetSuite OneWorld possesses real-time visibility,
actionable intelligence and capabilities which you need to run your business smoothly. Take a
firm stand today and choose OneWorld as a surefire tool to jumpstart your business at the
international level.
